I've played for 40blinds before, purely because I coulden't afford a full buy-in at a particular level. Was it any good? Not really no.
Doing it at micros is a complete waste of time, because to make 40blinds strategy effective you need to be getting your chips in with more
equity than those who are calling you, which of course is going happen more so at micros, but you may aswell get paid doing it with 100blinds thus, doubling your profit as opposed to halving it.
I learnt that minimum buying in is pointless and you may aswell just stick with SnG's like I do as most of the play is 40 blind play or less.
If you really want to play short stacked, then there are plently of cap games around to play where everyone is also 20blind/40blind deep.
There was a guy on this forum about a year ago "pokerpoopey" I think his name was and he bought in for minimum everytime(He was chasing SNE + VPP world record) and each hand he decided to play would be shoved PF, that was about it. Sure he was up over 100k but over several million hands but his main stratergy was to aim for SNE and earn money in rakeback. If these are your intentions..then sure go for it. Apart from that, you aren't really improving as a player. Oh and by the way, actually the rake system has changed now, so not even sure it would really be much benefit to SS these days even on stars.